The feeling is that foreclosures are subsiding in the Phoenix Area. The incredible increase in foreclosure activity that hit the United States hard over the past couple of years was a huge catalyst for falling home prices, as well as a staggering hit to the national real estate market as a whole. The decrease in foreclosures for the end of 2009 that has been reported is good news for all. As foreclosures start to disappear Phoenix AZ real estate values will be less affected.
The Mortgage Bankers Association reported on Friday that there was a decrease in foreclosure applications for the last quarter of 2009. This was particularly good news considering the fourth quarter typically sees a rise in foreclosures due to heating costs, according to the MBA.
While foreclosures will still be coming the decrease appears to make the problem improving or, at the very least, not getting worse. The nation's employment numbers need to improve before we are out of the woods but slowly and steadily we are climbing out of the recession and real estate is taking baby steps toward a solid recovery.
Click here to read the full report from the MBA.